Transaction related

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2016 My account is in PNB bank and the type of account is Current account. I want to do the money transfer to other account as I have my shop. I want to know the monthly as well as the yearly limit for transaction and if the limit crossed then how to pay taxes .

ACA Anurag

ACA Anurag (Expert)
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26 August 2016 Dear User, In current account there is no limit on transfer. Only cash transactions are allowed upto a limit of 50 lacs for income tax purposes so don't worry and do your business well kindly like if my response has helped you

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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2016 If the transactions limit is over 50 lacs then how to pay taxes, and what amount should i pay ?

ACA Anurag

ACA Anurag (Expert)
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26 August 2016 Dear User, still there is no tax but details will be send via AIR by bank so u dont worry and do your business kindly like if my response has helped you

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